Feb 21 (EN) Sri Lanka will halt parate execution or the auctioning of assets of small and medium enterprise pledged to take bank loans that have now gone bad, State Minister Ranjith Siyambalapitiya said. A cabinet paper suspending the foreclosure powers of banks for a define period will be presented to the cabinet next week, Siyambalapitiya was quoted as saying in parliament. The time period was not mentioned. Banks have warned that halting parate execution will make lenders more more..

Feb 21 (EN) Sri Lanka, whose officially registered migrant work force was 40% women in 2022, is looking to phase out sending women overseas as domestic workers over a 10-year period and encourage them to seek high-paying skilled work abroad instead. Minister Manusha Nanayakkara in a discussion with representatives of SL Bureau of Foreign more..

Feb 21 (AD) India’s Calicut International Airport may soon have direct air links with Kuala Lumpur, Bangkok, and Colombo if the assurances made at a meeting of people’s representatives and airport-airline officials held in Karipur on Monday are implemented. Malaysia’s budget airline AirAsia has evinced interest to operate services from Karipur to Kuala Lumpur and Bangkok, while Sri Lanka’s low-cost airline FitsAir has come forward to fly between Colombo and Karipur. more..

Feb 21 (TM) The committee appointed by UNP Leader and Prez Ranil Wickremesinghe to handle his Prez Election campaign is placing a great emphasis on the strengthening of the UNP as a political Party in the overall efforts targeting the election. The said poll is expected to take place towards the end of this year (2024). According to committee member Lasantha Goonewardena, who also serves as the UNP’s Colombo District Manager and is a UNP Working Committee member, more..

Feb 21 (AD) Delivering a statement in Parliament today, Minister Harin Fernando hit out at opposition MPs Wimal Weerawansa and Udaya Gammanpila over their criticism of his recent speech in India. Weerawansa and Gammanpila had yesterday accused Minister Fernando of attempting to sell the country to India, in reference to certain comments made by the Tourism Minister during a recent event held in Mumbai, India. more..

Feb 21 (TW) Sri Lanka has used satellite technology for the first time to pin the blame for an oil discharge on a UAE-controlled tanker. The Daily News reported that the incident caused an 11.2km-long oil slick covering 1 sq km. A fine of LKR 15m ($48,000) was imposed by the Maritime Environment Protection Authority (MEPA) on the 13,500-dwt Global Crest (built 1996). Analysts at the CLS Institute in France told MEPA they had confirmed using satellite technology that the discharge more..

Feb 21 (AD) SL inflation, based on the National Consumer Price Index (NCPI), for Jan 2024 was recorded at 6.5%, as measured by the year-on-year change, Dept of Census and Statistics (DCS) revealed in its latest report published on Wednesday (21). This is an increase of 4.2% compared to the headline inflation recorded in Dec 2023. Compared to December, reported inflation for January was mainly due to the higher prices in both food and non-food groups, according to the DCS report. more..

Feb 21 (PMD) Minister of Public Security, Tiran Alles, emphasized his unwavering commitment to continue operations aimed at suppressing drugs, tackling the underworld and preventing violence against women and children, regardless of any pressure encountered. Furthermore, Minister Alles disclosed that the value of drugs seized during the Yukthiya operation, which commenced on Dec 17, 2023, amounts to Rs. 7.8 billion. Minister made these remarks during a news conference held more..

Feb 21 (Island) Chairman of Parliamentary Committee on Public Finance, Dr. Harsha de Silva, yesterday told Parliament that he plans to move the Privilege Committee against Finance Ministry officials’ attempt to cover up the sugar tax scam. Dr. de Silva, referring to Monday’s The Island page one lead story, titled Sugar tax scam takes shocking turn: Parliament directive to recover Rs 16 bn disregarded, said that when Associate Editor of The Island Shamindra Ferdinando made inquiries more..

Feb 21 (AFP) Cash-strapped SL said Wednesday it had exported tea worth $20 million to Iran to partially repay its $251 million oil debts, with Colombo saying Tehran's visiting foreign minister had expressed satisfaction at the deal. "So far $20 million worth of tea has been exported to Iran under the barter trade agreement," SL PM Dinesh Gunawardena's office said in a statement after talks with Iranian Foreign Minister more..

Feb 21 (AD) The Seychelles Supreme Court has convicted a SL national to a fine of SCR 550,000 (USD 41,000) after being found guilty of illegally fishing in the island nation’s territorial waters, the police said on Wednesday (21). According to the police, Makavita Liyanage Dilesh, 43, was the person in charge of the vessel, Rankurulla 4, that was intercepted and arrested in the Seychelles Exclusive Economic Zone (EEZ) on 24 Nov 2023. The presiding judge in the case took more..

Feb 21 (TM) The ruling SLPP Party is ready to welcome the Chairman of SJB, and MP, Field Marshal Sarath Fonseka, if he is ready to work with its policies, claimed SLPP MP Namal Rajapaksa. Rajapaksa claimed that the SLPP has no issue in welcoming him to the party as they are ready to work with any of its opponents for the betterment of the country. He also noted that the SLPP decided to support Prez Ranil Wickremesinghe, who has been the main rival of Rajapaksa family-led SLPP more..

Feb 21 (DM) Spokesman for the CEB, Noel Priyantha, stirred a controversy during a recent television programme by suggesting that children should resort to studying using oil lamps if necessary, citing the precedent set by previous generations who excelled in their studies under similar conditions. Priyantha made these remarks while addressing concerns over the escalating electricity prices in SL. In response to queries about the adverse effects of power disconnections more..

Feb 21 (Island) SJB MP Eran Wickramaratne raising a question under the Standing Orders, asked Speaker Mahinda Yapa Abeywardena whether the Constitutional Assembly, established as an independent institution, had approved the rules for approving Bills adhering to proper methods. Wickramaratne also questioned whether the Secure Transactions Bill, which was taken up for debate in Parliament on Tuesday, had been referred to the Consultative Council (CC) of the concerned more..

Feb 21 (Island) Chief of Staff and Deputy Secretary General of the Parliament Chaminda Kularatne said that the Parliament was not aware of the basis Chief Government Whip Prasanna Ranatunga, MP, declared that a day’s proceedings cost Rs 10 mn. Attorney-at-law Kularatne said so in response to The Island query submitted to Parliament in terms of the Right to Information Act (RIT) of No 12 of 2016. The Chief of Staff, who is also the RTI Officer, said that the Parliament more..

Feb 22 (DM) The country is abuzz with election fever, despite prez election, constitutionally scheduled for this year, not yet being officially declared. The JVP-led National People’s Power (NPP) is engaging grassroots level individuals and organizations in view of the elections. The early engagement is aimed at tailoring their electoral message effectively. The party is channeling its energy into capitalising on the widespread dissatisfaction with traditional parties. more..

Feb 22 (DM) With SL facing its most painful public health crisis since independence, a sub-committee to formulate a Charter for Ensuring Patients’ Safety and Well-Being was set up in Parliament on Oct 19 last year by MP Mayantha Dissanayake, Chairperson of the Sectoral Oversight Committee on Health established in terms of Standing Order 111 of Parliament. This sub-committee is chaired by MP Upul Galappaththi and consists of two members. As the committee is focused on considering more..

Feb 22 (CT) With the beginning of a new school year, parents are grappling with the substantial price increases of school supplies and transportation. Still recovering from the economic downfall of 2022, which resulted in over 108,000 micro, small and -medium enterprises (MSMEs)shutting down and over 400,000 job losses, a turbulent export and import market and an excessively depreciated rupee, more..

Feb 22 (DM) At the time of writing this column, personal information of an individual such as where he was born and bred, his family name, political affiliation and if he can be known play a major role in SL politics. NPP has hinted that all would change if a govt is formed under this newly formed alliance. NPP Leader, Anura Kumara Dissanayake has stated on numerous occasions that the alliance he leads will appoint as Heads of State Institutions, professionals with a proven edu background. more..

Feb 22 (GV) Economists tell us that Sri Lanka’s economy has stabilised but what does this mean if so many are struggling? To economists stability means that the imbalances in the economy have been resolved. The symptoms of the imbalances appear as rising prices, shortages of foreign exchange and goods. These have indeed disappeared but what does it mean to ordinary people? It only means that the rate at which people were being impoverished has slowed. more..

Feb 22 (TM) With ordinary Sri Lankans already undergoing painful adjustments on the economic front, a new gazette regulating the weight of bread loaves is signalling a further tightening of belts in the offing. Issuing an extraordinary gazette on 2 Feb, CAA announced that any manufacturer or trader of bread should ensure that each such type of bread contained the standard weight specified in the gazette and that every trader should more..

Feb 22 (CT) Sri Lanka’s inflation, based on the National Consumer Price Index (NCPI), for Jan 2024 was recorded at 6.5%, Year-on-Year (YoY), the Department of Census and Statistics (DCS) revealed in its latest report published on Wednesday. This is an increase of 4.2% compared to the headline inflation recorded in Dec 2023. Compared to December, the reported inflation for January was mainly due to the higher prices in both food and non-food groups, according to the DCS report. more..

Feb 22 (TM) SL has pegged its hopes on increasing tourism revenue, to sling shot its recovery. And the island has fared well in improving tourism prospects, with inflow increased and revenue up over the year 2023. Last year, tourism earned SL US$ 2 billion, with around 1.5 million visitors arriving in the island. Tourism earned SL a record US$ 4.4 billion in 2018, an uphill trend which changed by a string of incidents which began with 2019 Easter Sunday bombings and the onset of the Covid-19. more..

Feb 22 (FT) Seylan Bank said it posted strong performance in FY23 despite the challenging environment. The Net Interest Income of the Bank was reported as Rs. 40.1 billion in 2023 compared to Rs. 40.5 billion reported in 2022, a slight 1% drawback due to volatility in interest rates during the year. Bank’s Net Interest Margin on Average Total Assets stood at 5.76% in 2023 compared to 6.33% in 2022. Net fee and commission income of the Bank has shown a notable growth of 16% more..

Feb 22 (FT) Spa Ceylon, the iconic Ayurveda Wellness brand, has won three international accolades at the World Luxury Spa Awards 2023, including the prestigious Global Award for Best Beauty Product, alongside Awards for Best Luxury Ayurveda Spa Global and Best Spa Group Global. “These awards come at an important and exciting time for us, as we accelerate our European expansion with a heightened focus in the UK. The award for Beauty Products of the Year more..

Feb 22 (CI) Afghanistan withstood onslaughts at both ends of the innings, first from Pathum Nissanka and then Kamindu Mendis, to close out a nervy three-run victory over Sri Lanka in the third T20I in Dambulla. It means Afghanistan end the series on a high, securing their solitary victory at the last time of asking; Sri Lanka win the series 2-1. The difference in the end proved to be the final two deliveries of the respective innings. more..

Feb 22 (Island) Govt politicians wax eloquent, to the point of queasiness, about their grand plans to develop the education sector and prepare the country for future opportunities and challenges. They claim to be on an ambitious mission to align education with job market requirements, both there and overseas, by modernising the state-run schools, universities and other seats of learning. But between saying and doing many a pair of shoes is said to be worn out. more..

Feb 22 (Island) In his policy statement during the inauguration of the 5th session of the 9th parliament, Prez Ranil Wickremesinghe insists that the solution to the economic crisis lies in economic and scientific measures, not political ones. However, he draws inspiration from Confucius and urges citizens to introspect and cleanse their hearts, which can be seen as a political measure beyond being framed as moral or ethical. In the meantime, he has asserted that his govt has achieved more..

Feb 22 (TM) SL will face difficulties till 2027-28 in order to gain international market access due to high debt despite its post debt restructuring phase according to the Debt Sustainability Analysis (DSA) targets, a global sovereign debt expert said. Speaking at the Committee on Public Finance (COPF), Global Sovereign Advisory Research Analyst Theo Maret said that IMF has used a different model to assess the DSA of SL than it has used for low-income countries, providing more..

Feb 22 (TM) SL Govt anticipates to further increase its direct tax revenue to 40% reducing the weight given on indirect tax revenue as currently the direct tax income makes 30% contribution to the state revenue while indirect tax makes 70% from the total revenue from taxes, State Minister of Finance Ranjith Siyambalapitiya said. Speaking at Parliament, State Minister said: “Earlier the indirect tax income to the Govt was a whopping 80% while direct tax was a mere 20% contribution. more..

Feb 22 (FT) State Minister of Finance Ranjith Siyambalapitiya announced plans to suspend Parate execution temporarily and revealed that a Cabinet paper outlining it would be presented for approval next week. The move comes in response to ongoing discussions and concerns regarding the impact of Parate laws on small and medium-sized enterprises (SMEs). Speaking in Parliament, he said the move is taken to more..

Feb 22 (FT) Commercial Bank of Ceylon Group said yesterday it lent Rs. 56.82 billion in the fourth quarter of 2023 at a monthly average of Rs. 18.94 billion to end the year with a loan book of Rs. 1.30 trillion, continuing its trend of strong lending growth in support of economic revival. Robust deposit growth of Rs. 109.41 billion was also witnessed in the three months ending 31 Dec 2023 at a monthly average of Rs. 36.47 billion, demonstrating the Group’s strong deposit franchise and focus on more..

Feb 22 (FT) In a demanding banking landscape, DFCC Bank said yesterday it demonstrated resilience amidst significant local economic disruptions. DFCC Bank PLC, the largest entity within the Group, reported a Profit Before Tax (PBT) of Rs. 10,960 million and a Profit After Tax (PAT) of Rs. 7,220 million for the year ended 31 December 2023 compared with the previous year’s PBT of Rs. 2,439 million and a PAT of Rs. 2,513 million. Group recorded a PBT of Rs. 12,508 mil more..

Feb 22 (DM) A govt MP said that Sri Lanka should not be subjected to Indianisation, claiming that he was against the Indian rupee being used in SL and to provide SL airports to Indian investors. SLPP MP Sarath Weerasekara told Parliament that the President's efforts to rescue the country from economic shambles was praiseworthy and that he was against it if Sri Lanka was gradually subjected to indianisation. more..

Feb 22 (TM) The Sri Lanka Transport Board (SLTB) said that there will be no shortage of buses in the SLTB fleet as Cabinet of Ministers’ approval has been received to import 1,000 buses during this year (2024). When contacted yesterday amid various speculations of a shortage of buses in the SLTB fleet, SLTB Chairman S.M.D.L.K.D. Alwis, said that the programme is in its initial stage and that the SLTB is working to get it finalised within this year itself. He noted that most likely, more..

Feb 22 (DN) Dumindu Abeywickrama the 21-year-old shuttler became the first Sri Lankan to get a medal at International Badminton Series held in SL recently. Abeywickrama a product or Royal College coached by RSBA Academy’s Tony Wayuidi the Indonesian who also a former SL National coach made a superb display to clinch men’s single bronze medal at recently concluded LiNing Int'l Badminton Series held at Dadalla Indoor Stadium in Galle. “Reaching semi final is great achievement more..